Geely Auto: Downgrading After An Exceptional Rally Post-FY25 Results

Geely Auto (GELYF) delivered robust 2025 results, with revenue up 44% to CNY345 billion and resilient gross margin at 16.6%. The recent share price rally to HKD22+ appears overextended, with fundamentals not fully justifying the surge post-Q4 earnings. Growth tailwinds from subsidies are fading, and normalization is expected as policy support cools.